Hedge Fund "Progress Residential" is Buying Up Nashville

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This block used to be for first-time homebuyers. Then global investors bought in.

Dec. 16, 2021 at 10:00 am Updated Dec. 16, 2021 at 5:44 pm

Over the past six years, 19 of the 32 homes on Tammy Sue Lane have been purchased by a billion-dollar investment venture, part of an unprecedented flow of global finance into the American suburbs. Less than 10 years old, the company has amassed one of the nation’s largest portfolios of single-family houses, becoming the landlord for tens of thousands of families.

The venture, Progress Residential, acquires as many as 2,000 houses a month through the use of a computerized property-search algorithm and swift all-cash offers. Progress executives boast that the company’s efficient management practices have been a boon to their tenants who cannot afford to buy one of the “entry level” homes.

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Behind Progress Residential is Pretium Partners, a New York-based investment firm whose business plan and investors are revealed in the Pandora Papers, a trove of offshore financial records obtained by the International Consortium of Investigative Journalists and shared with The Washington Post.


More than 3,000 people across the nation have joined a Facebook group for tenants called Victims of Progress Residential. The site is an eruption of tenant complaints — about evictions, but also lost security deposits, costly fees, calls that go unanswered and an array of maintenance issues — that echo those of Progress renters in Rutherford County, Nashville TN. They may also be big buyers in Columbus OH and Indianapolis IN